Saskatoon Construction

[lbird]

Word on Norm Fisher's blog is that Lake Placid, unsurprisingly, can't get financing, and River Landing is not going forward. This is definitely a big blow for downtown development (again).

I would like the city to either: i) Get the plans from LP and find somebody else to do it or ii) help LP develop a scaled down version of the project (i.e. perhaps without the office space for now).

[newflyer]

Originally Posted by lbird

Word on Norm Fisher's blog is that Lake Placid, unsurprisingly, can't get financing, and River Landing is not going forward. This is definitely a big blow for downtown development (again).

I would like the city to either: i) Get the plans from LP and find somebody else to do it or ii) help LP develop a scaled down version of the project (i.e. perhaps without the office space for now).

Yes .. with the very tight financal markets.. there have been many projects around the world which have been put on hold or cancelled all together.

I am sure that in a couple years the markets will return to a more normal state and projects like this will be built.

[kgc087]

Originally Posted by lbird

Word on Norm Fisher's blog is that Lake Placid, unsurprisingly, can't get financing, and River Landing is not going forward. This is definitely a big blow for downtown development (again).

I would like the city to either: i) Get the plans from LP and find somebody else to do it or ii) help LP develop a scaled down version of the project (i.e. perhaps without the office space for now).

This really is the most devistating thing that could happen for Saskatoon. This project was going to not only revitalize the d/t but the whole city. Do you think the city could dip into that hefty suburban development moeny in the budget to help with riverlanding, essentially they are creating more housing just in a more environmentally friendly way, as well do you think the hotel that is going in could chip in as well?

[lbird]

Originally Posted by kgc087

This really is the most devistating thing that could happen for Saskatoon. This project was going to not only revitalize the d/t but the whole city. Do you think the city could dip into that hefty suburban development moeny in the budget to help with riverlanding, essentially they are creating more housing just in a more environmentally friendly way, as well do you think the hotel that is going in could chip in as well?

I'm no expert, but I see a few ways forward:

1) Back to the drawing board. Remember that this is the second project to run into problems in this location in this iteration. They've started over again repeatedly for the last thirty years, I'm sure it can happen again.

2) Buy the plans from Lake Placid and find another developer (or do it themselves). It took so long to get an idea that had enough buy-in, it seems a shame to throw it all away. I don't know the terms of the deal, but LP may just give the plans to the city in lieu of any penalty clauses.

3) The City could pull a VANOC and guarantee the financing for the entire project. This is really risky in a down economy, but Atch has staked a lot on a successful South Downtown project.

4) LP could scale down the project and try to get financed for less money. This may mean less residential stories, not going forward with the hotel and/or offices if they don't have tenants, etc..

[The Bess]

still sounds like a bunch of rumours to me after reading the blog. But according to it we will find out something around Jan 19.

[kgc087]

Could someone post the part from the blog where he talks about RL. I don't think Atch will let this fall through so easily, he is a pretty firm believer in Saskatoon and probably will come up with some radical solutions before saying it's not going to happen.

[Morogolus]

"I heard this week, from a commercial real estate source that the River Landing project will not move forward due to financing issues. The person who told me this has been fairly reliable in the past but I can't be certain as to whether or not this is true. My best recollection from a SP story that ran a few weeks back was that the land had to be paid for by January 19 (Monday). I expect we will hear something in the news on Monday either way."

Source : http://www.teamfisher.com/blogs/norm_fis...e-week-in-review-january-12-16-2009.aspx

He heard from a guy who heard from a guy kinda thing. Right now it's just a rumor. We should find out more tomorrow because that's the deadline they have to pay for the land.

[Ruckus]

Originally Posted by Morogolus

"I heard this week, from a commercial real estate source that the River Landing project will not move forward due to financing issues. The person who told me this has been fairly reliable in the past but I can't be certain as to whether or not this is true. My best recollection from a SP story that ran a few weeks back was that the land had to be paid for by January 19 (Monday). I expect we will hear something in the news on Monday either way."

Source : http://www.teamfisher.com/blogs/norm_fis...e-week-in-review-january-12-16-2009.aspx

He heard from a guy who heard from a guy kinda thing. Right now it's just a rumor. We should find out more tomorrow because that's the deadline they have to pay for the land.

A week or so ago I heard there may be trouble...stemming from complications with their Calgary project, which in turn, impacted their Saskatoon project.

It's difficult to be optimistic about this project going ahead anytime soon.

[midnightrambler]

Originally Posted by midnightrambler

On another note is there a bookie that can take my bet as to whether river landing will go foreward before the said date as per dig permit?

I have a distinct feeling rolling around in my gut that says Lake Placid is gonna pull a bailski because they can get the loan.

I hate being right.

[studentview]

no one on here has actually talked to anyone involved with the project. i dont see why anyone is taking norm fishers quote as the nail in the coffin. until we hear some sort of announcement i suggest we keep the negative comments to a minimum. of course there is goin to be rumours swirling about the biggest developement in saskatoons history not being financed because we hear the words "bailout" "recession" and "aid package" almost everday. to have people start saying " i knew it would fail" and i hate being right is the same mentality that our city has had for the last thirty years to keep such a structure from emerging on our riverbank. i have the utmost faith in lobsinger and I see the development going ahead as planned. these rumours only hamper the efforts and the resources that lake placid has put into our city thus far to win us over and accept their project as legit and a viable investment for our city. if im wrong on any of this i guess ill look pretty arogant but if it goes ahead...well there will be a lot of people biting their tounges with the remarks aleady flying around

[Ruckus]

Originally Posted by studentview

no one on here has actually talked to anyone involved with the project. i dont see why anyone is taking norm fishers quote as the nail in the coffin. until we hear some sort of announcement i suggest we keep the negative comments to a minimum. of course there is goin to be rumours swirling about the biggest developement in saskatoons history not being financed because we hear the words "bailout" "recession" and "aid package" almost everday. to have people start saying " i knew it would fail" and i hate being right is the same mentality that our city has had for the last thirty years to keep such a structure from emerging on our riverbank. i have the utmost faith in lobsinger and I see the development going ahead as planned. these rumours only hamper the efforts and the resources that lake placid has put into our city thus far to win us over and accept their project as legit and a viable investment for our city. if im wrong on any of this i guess ill look pretty arogant but if it goes ahead...well there will be a lot of people biting their tounges with the remarks aleady flying around

I'm glad there's a few of us who are still optimistic about this project.

I am too, but, for different reasons.

[mjl]

I would like to thank StudentView for that refreshing perspective.

I work for Lake Placid and I am proud to say that this project IS proceeding. We are getting global attention from financial institutions.

We are in the process on closing on the land. The only delays have been with land titles due to the complexity of the amalgamation of 5 different lots and delivering a single title with multiple strata's. We expect to begin shoring and excavation this summer and continue to design the finite details of this project.

Our sales have been overwhelming, as we have completely sold out Phase 1 of our units and we have a waiting list for Phase 2. We are very thankful that Saskatoon has embraced and supported our project.

I would like to say that Norm Fisher has never been in our office or spoken to our staff, so please if you are concerned about our project, phone our office at 306-683-4350 and don't listen to rumours.

Please look for Phase 2 of our sales to launch this spring, which will include our amazing Penthouses!

[prairieguy]

*Edit: I was in the process of drafting this post, while the prior post from the Lake Placid employee was posted. However, it still represents my thoughts on this:

I am trying to be optimistic, but I also could fully understand if this project is 'delayed'. This would not so much be a reflection of Saskatoon's economic and prosperity outlook, but rather what is happening elsewhere (i.e. Calgary, the headquarters of Lake Placid).

As well, if this project does not meet its current timelines, I do not see that as a reflection on Lake Placid or the Lobsingers. I think it has been pretty obvious his passion for this development to occur and also the amount of money already invested in the design and marketing phase. It certainly won't be for a lack of interest and support for the project as gaged by how busy their sales office was (is??)

I really hope though, that this outstanding project does proceed as scheduled. I agree with some other posts that this particular development sort of sets the stage for what will and could occur in Saskatoon. I think it important to demonstrate that Saskatoon is ready and can weather the current market downturn by investing now in its future. An upside for Lake Placid could be some savings on construction costs and the availability of trained trades people if they can get their financing in order, given the current status of the economy.

All we can do is hope and wait for some kind of announcement today or early this week.

[Ruckus]

Originally Posted by mjl

I would like to thank StudentView for that refreshing perspective.

I work for Lake Placid and I am proud to say that this project IS proceeding. We are getting global attention from financial institutions.

We are in the process on closing on the land. The only delays have been with land titles due to the complexity of the amalgamation of 5 different lots and delivering a single title with multiple strata's. We expect to begin shoring and excavation this summer and continue to design the finite details of this project.

Our sales have been overwhelming, as we have completely sold out Phase 1 of our units and we have a waiting list for Phase 2. We are very thankful that Saskatoon has embraced and supported our project.

I would like to say that Norm Fisher has never been in our office or spoken to our staff, so please if you are concerned about our project, phone our office at 306-683-4350 and don't listen to rumours.

Please look for Phase 2 of our sales to launch this spring, which will include our amazing Penthouses!

Thank you for chiming in and providing us with an honest reflection of Lake Placid's status regarding River Landing Village.

The rumor was difficult to accept given the projects weight and potential impact on Saskatoon (the equivalent of Encana's Bow in Calgary being capped).

But given the economic climate we're faced with (SK is not immune), as well as previous failed attempts by other development companies, the rumor began to stifle our confidence of the project proceeding as planned.

I must apologize for raising doubts about Lake Placid's ability to see this project through.

Best of luck in the coming months as you finalize contracts/agreements and begin construction on a historic development for Saskatoon.

[midnightrambler]

Alright, I apologize for my cynicism.

I do hope that the project goes forward. I am excited for it to happen as well.

This thread does indeed have it's share of rumours as well as pessimism.

[macca]

Originally Posted by mjl

I would like to thank StudentView for that refreshing perspective.

I work for Lake Placid and I am proud to say that this project IS proceeding. We are getting global attention from financial institutions.

We are in the process on closing on the land. The only delays have been with land titles due to the complexity of the amalgamation of 5 different lots and delivering a single title with multiple strata's. We expect to begin shoring and excavation this summer and continue to design the finite details of this project.

Our sales have been overwhelming, as we have completely sold out Phase 1 of our units and we have a waiting list for Phase 2. We are very thankful that Saskatoon has embraced and supported our project.

I would like to say that Norm Fisher has never been in our office or spoken to our staff, so please if you are concerned about our project, phone our office at 306-683-4350 and don't listen to rumours.

Please look for Phase 2 of our sales to launch this spring, which will include our amazing Penthouses!

Any idea when Phase 1 sales will be moving beyond the 'reservation' stage?

[The_Bachelor]

I sincerely hope that the LP plans will go ahead as planned eventually despite the set back and accompanying penalty for missing today's deadline.

Saskatoon could desperately use something pleasing to the eye in the city and this would be something big to start with.

[jrochest]

So, did they make the payment?

It's nice that they mean to go forward, that they're totally sold out, that they're committed to the project, and that they have the best of good intentions: but did they make the payment?

That's mostly what it boils down to.

[Ruckus]

Originally Posted by jrochest

So, did they make the payment?

It's nice that they mean to go forward, that they're totally sold out, that they're committed to the project, and that they have the best of good intentions: but did they make the payment?

That's mostly what it boils down to.

According to CTV news, Lake Placid has not yet made a payment for the land.

As mentioned earlier today by mjl, and as reported by CTV, there have been delays with regards to the land titles amalgamation process.

Lake Placid intends to make payment, but until that occurs, they will incur interest charges of 7% on the $4.5 million cost of the land. Works out to ~ $800 per day.

[Notreknip]

Originally Posted by mjl

I would like to thank StudentView for that refreshing perspective.

I work for Lake Placid and I am proud to say that this project IS proceeding. We are getting global attention from financial institutions.

We are in the process on closing on the land. The only delays have been with land titles due to the complexity of the amalgamation of 5 different lots and delivering a single title with multiple strata's. We expect to begin shoring and excavation this summer and continue to design the finite details of this project.

Our sales have been overwhelming, as we have completely sold out Phase 1 of our units and we have a waiting list for Phase 2. We are very thankful that Saskatoon has embraced and supported our project.

I would like to say that Norm Fisher has never been in our office or spoken to our staff, so please if you are concerned about our project, phone our office at 306-683-4350 and don't listen to rumours.

Please look for Phase 2 of our sales to launch this spring, which will include our amazing Penthouses!

Thanks Michael! I hope to hear more good news from you (here) in the coming weeks.